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register title under which it proposes to write fire insurance. See “Miscellaneous." Certificate of compliance with laws of company's home State not required annually. Application for certificate and license, Insurance Department certificate of capital, power of attorney and appointment of resident general agent, copy of charter or articles of incorporation, and applications for agents' certificates, are required but once, unless there is

a change in the attorney or agents. PUBLICATION-Sec. 4634.

Immediately upon filing this annual statement with the Insurance Commissioner, every fire, marine, fire and marine, * * * insurance company, * * * doing business in the State of Oregon, shall publish once each year in two newspapers of general circulation, and published in the State, west of the Cascade Range of Mountains, and in two newspapers of general circulation and published in the State, east of the Cascade Range of Mountains, a full synopsis of its general annual financial statement showing the conditions of its business and setting

forth its resources and liabilities.” RATING BUREAU—The laws of Oregon relating to insurance now provide

against compacts or combinations by any companies, corporations, associations or partnerships engaged in the business of fire insurance in the State, but permit the general agents of authorized companies in Oregon to maintain and establish a Surveyor's Bureau for the purpose of ascertaining fair

and equitable rates on the insurable property in Oregon. RECIPROCAL LAW-None. REINSURANCE-Admitted companies may reinsure, outside of the State,

risks in the State, in companies not authorized to do business in the State, but no credit is allowed for reinsurance in unadmitted companies. Re

insurances must be reported annually. See “Resident Agents." REINSURANCE RESERVE-Forty per cent of gross premiums on all unex

pired risks. RESIDENT AGENTS-Sec. 4636. "It shall be unlawful for an

“insurance company or association doing business in the State of Oregon to write, place, or cause to be written or placed, any policy or contract for indemnity for insurance on property situated or located in the State of Oregon. except through or by the duly authorized agent or agents for such insurance company or association residing and doing business in this State.

Rolling stock of railroads and property in transit are excepted. Affidavits of executive officers that the provisions of this section have not been violated are required with annual statements. It is held that all direct policies, issued on Oregon risks by admitted companies, must be written or placed through a resident agent. A resident agent and attorney for service, to furnish annual statement of Oregon business and to whom

other agents in the State report, must be appointed. SEMI-ANNUAL STATEMENTS—None required. STANDARD POLICY—A standard form of policy similar to the New York

form, is prescribed by law.

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TAXES—Before April 1, the Insurance Commissioner must mail statement of

the amount of tax charged against a company to its general agent, which amount such company shall, within fifteen days thereafter, pay to the Insurance Commissioner at his office a tax of two per cent upon its net premiums. "Net premiums" are total gross premiums received less return premiums, dividends returned to policyholders in Oregon, losses paid in Oregon and premiums paid for reinsurance to domestic or entered companies of Oregon. Failure to make statement or pay tax is punishable by a fine of $10 per day for each day's delay beyond the time specified. Commissioner may revoke company's license for such default. Real estate is

taxable locally. TAX STATEMENTS—Must be filed on or before March 1. See “Taxes." VALUED POLICY—Sec. 4626. “That the amount of insurance written

in a policy of insurance on all buildings insured after the passage of this act shall be taken and deemed the true value of the property at the time of the loss, and the amount of the loss sustained, and shall be the measure of damage, unless the insurance was procured by the fraud of the insured, or the loss was caused by the criminal act of the insured. It shall be lawful for any insurance company liable to pay losses occasioned by fire to rebuild any structure or building, wholly or partially destroyed, of the same style and materials, and of equal value with the one so wholly or partially destroyed, but they shall make their election so to do within thirty days' notice of loss. In case there is a partial destruction of the property insured, no greater amount shall be collected than the damages sustained."

COUNTY TAXES AND FEES.
See "Agents' Licenses."

MUNICIPAL TAXES AND FEES EUGENE–For each company,

$20

per annum. PORTLAND—For each company, Sio per quarter, payable January 1, April 1,

July I and October 1.
ROSEBURG-For each company, $10 per annum, payable January 1 and

July 1.
SALEM–For each company, $18 per annum.
SEASIDE-For each agency, $5 per annum.

PENNSYLVANIA.

STATE REQUIREMENTS. AGENTS DEFINED—Law of June 1, 1911, Sec. 14.

Any person soliciting risks, forwarding premiums or countersigning or delivering policies shall be deemed to be the agent of the company within the meaning of this section.” Sec. 22. “A person not a duly licensed insurance broker who for compensation solicits insurance on behalf of any insurance company, or transmits for a person other than himself an application for or a policy of insurance to or from such company, or offers or assumes to act in the negotiation of such insurance, shall be an insurance agent within the intent of this act, and shall thereby become liable to all the duties, requirements, liabilities and penalties to which an agent of such company is sub

ject." An agent is allowed commission on risks on his own property. AGENTS' LICENSES—Law of June 1, 1911, Sec. 14 (as amended in 1913):

Sec. 14. “Companies to which certificates of authority are issued shall, from time to time, certify to the Insurance Commissioner the names of all agents appointed by them to solicit risks in this Commonwealth. Such agents may be either individuals, copartnerships or corporations. No agent shall transact any business until a certificate has been procured from the Commissioner, showing that the company has complied with the requirements of law, and that the person, copartnership or corporation named in said certificate, has been duly appointed as its agent. No license shall be issued to a corporation unless by its charter it is authorized to engage in the insurance or real estate business. When a license is issued to a copartnership or corporation every officer and each director thereof who engages in the business of soliciting insurance, and each member of the copartnership shall be required to have an individual license; but no additional fee shall be exacted for issuing the license to the corporation or copartnership.” Licenses expire March 31, annually. Penalty for acting for unauthorized company, fine of $300 to $1000 for first offense, and a like fine and imprisonment not exceeding one year for second offense, or either or both at option of court. Agent for unauthorized company is

personally liable on all contracts. ANNUAL STATEMENTS-Must be filed on or before March 1, showing

condition and business for year ending December 31 preceding. Penalty for non-compliance, $100 for each day's neglect, and suspension of license

on notification by Commissioner. ANTI-COINSURANCE-No prohibition of use of coinsurance clauses. ANTI COMPACT—No prohibition of co-operation. ANTI-REBATE-Act of July 12, 1913, Sec. I. No insurance mompany,

association, or society, by itself or any other party, and no insurance agent,

solicitor, or broker, personally or by any other party, shall offer, promise, allow, give, set off, or pay, directly or indirectly, any rebate of, or part of, the premium payable on the policy, or on any policy or agent's commission thereon, or earnings, profit, dividends, or other benefit founded, arising, accruing or to accrue thereon or therefrom, or any special advantage in date of policy or age of issue, or any paid employment or contract for services of any kind, or any other valuable consideration or inducement, to or for insurance on any risk in this Commonwealth, now or hereafter to be written, which is not specified in the policy contract of insurance; nor shall any such company, association or society, agent, solicitor, or broker, personally or otherwise, offer, promise, give, option, sell, or produce any stocks, bonds, securities or property, or any dividends or profits accruing or to accrue thereon, or other thing of value whatsoever, as inducement to insurance or in connection therewith, which is not specified in the policy; provided, that nothing in this section shall be construed to prevent the taking of a bona fide obligation with legal interest, in payment of any premium.” Penalty for violation, revocation of license. Sec. 2. “No insured person or party, or applicant for insurance, shall, directly or indirectly, receive or accept, or agree to receive or accept, any rebate of premium, or of any part thereof, or all or any part of any agent's, solicitor's, or broker's commission thereon, or any favor or advantage or share in any benefit to accrue under any policy of insurance, or any valuable consideration or inducement, other than such as are specified in the policy.” Penalty for violation, fine not exceeding $500, or imprisonment

for not more than six months, or both. ATTORNEY_The Iusurance Commissioner must be appointed attorney for

service of legal process. CANCELLATION OF POLICY—No provision, CAPITAL REQUIRED—Company must have capital of at least $100,000 to

transact either fire or inland marine insurance, or $200,000 to transact both classes of insurance, or $400,000 for fire, inland and ocean marine. Other State companies must have $200,000 capital or $400,000 to do fire, inland

and ocean marine. COMMISSIONS TO NON-RESIDENTS—Commissions must be received

by resident agents. DEPOSIT-A foreign company must have $200,000 on deposit in one of the

United States, or $400,000 to do fire, inland and ocean marine business. DOMESTIC COMPANIES- Joint stock companies may be organized by ten

or more citizens. A mutual company must incorporate the word “mutual"

in its title. EXAMINATIONS-The Insurance Commissioner is vested with authority to

examine domestic and foreign companies whenever he deems it necessary and expedient, and is also authorized to examine any corporation engaged in organizing or selling stocks of an insurance company or companies, or which is holding the stock of one or more insurance companies for the purpose of controlling the management thereof, and may suspend the certi icates of companies found to be in unsatisfactory condition. Domestic

companies must be examined at least once in three years. FEES-For filing certified copy of charter (once only), $25; for filing statement

(annually), $20; for each certificate of authority to company or agent (of other than domestic company) and certified copy thereof, $2 annually (license required for the firm or company, and also for each member of a firm and each officer of a company); for each copy of any paper on file per folio, 20 cents; for affixing official seal, $I; for each insurance broker's license, $10 for individual and $25 for firm or corporation, annually; for license to deal with unauthorized companies $100, annually; for service of process $2, for any other certificate $2. Fees are payable

to the Insurance Commissioner. See "Reciprocal Law.” FIRE DEPARTMENT TAX-No provision. Fire patrol corporations are

authorized to be organized in first-class cities, and a tax not to exceed two per cent of net premium receipts in such cities may be levied upon all organizations and agencies transacting fire insurance business therein. Statements and payments to be made semi-annually. Penalty for failure

to make return within thirty days, $100 for each month of default. FIRE MARSHAL-Law of June 3, 1911, provides for the establishment of a

State Fire Marshal's department. Companies must report all fires. FOREIGN COMPANIES' HOME OFFICE STATEMENTS—Notre

quired. IMPAIRMENT-Impairment of twenty per cent of capital or more must be

made good within sixty days. INVESTMENTS PRESCRIBED-Law of June 1, 1911, Sec. 16. "The cap

ital of any fire or fire and marine insurance company of this Commonwealth shall be invested only as follows: First, in such real estate as it is authorized by this act to hold; second, in bonds of the United States or District of Columbia or of any State or Territory of the United States or Canada: third, in the legally authorized bonds or notes of any city, county, township, municipality, school or water district of this Commonwealth, or of any other State or Territory of the United States or Canada; fourth, in the bonds or notes of any solvent railroad or street railway corporation upon which no default in interest has been made ; fifth, in ground rents and loans upon improved and unincumbered real estate; provided, that no loan on such real estate shall exceed sixty-six and two-thirds per centum of the fair market value thereof at the time of making such loan." Sec. 17. “Any money over and above the capital of any such insurance company may be invested in the securities above enumerated or in the stock or other evidence of indebtedness of any solvent dividend-paying corporation created under the laws of this Commonwealth, or of any other State of the United States, or loaned upon the pledge of the same except its own stock or the stock of any other insurance company transacting like classes of business:

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